New Mexico Lawmakers File Sports Betting Bill
Lawmakers in New Mexico have filed a bill that would bring retail and online sportsbooks to its racetracks, as well as live poker, blackjack, and craps.
House Bill 101, introduced by representatives Raymundo Lara and Phelps Anderson, would convert the state’s racinos into fully functioning casinos, but without electronic and online table games.
At present, New Mexico has five racetracks, all of which have casinos attached but with a limited selection of slot machines and video games.
The new bill would allow the state regulator to issue six sports betting licenses and six licenses for table games, each of which would be valid for five years.
Lara said in a statement: “I truly believe this is a win-win for the state as a whole.”
New Mexico’s Lottery Scholarship Fund, used for college scholarships, is financed by gambling revenue. The revenue from the proposed gambling expansion is projected to generate about $40m a year, $15m of which would go into the scholarship fund.
